Financial Results for First Two Quarters of Fiscal 2023, ending March 31, 2023

November 4, 2022

  1. Results of First Two Quarters of Fiscal 2023/ Fiscal 2023 Performance Forecasts
  2. Business Outlook

2

Fiscal 2023 (2Q): Consolidated Performance Overview

Net sales: ¥194.3 billion (up 8.1% year on year ; vs target: up 8.0%)

Record-high level

Increase in domestic sales, mainly of water heaters; higher overseas sales thanks to foreign currency translation despite lower sales in the United States, China, and other markets

Operating income: ¥19.0 billion (down 5.1% year on year ; vs target: up 36.3%)

Decrease due to higher raw material prices and logistics costs and increased expenses associated with operation

of new plant in the United States

[Operating income to net sales ratio9.8%]

Ordinary income: ¥22.2 billion (up 2.4% year on year, vs target: up 48.1%)

Increase thanks to foreign exchange gain despite decrease in operating income

Record-high level

[Ordinary income to net sales ratio11.4%]

Net income attributable to owners of the parent company: ¥13.3 billion

(up 1.0% year on year, vs target: up 48.7%)

Record-high level

[Net income to net sales ratio: 6.9%]

  • Sales and income in Japan up significantly due to an increased production to eliminate supply delays
  • Both sales and income well above initial forecasts; full-year forecasts now revised

©Rinnai Corporation

3

Fiscal 2023 (2Q) : Consolidated Financial Results

Net Sales

Operating Income

Attributable to owners of the parent company

Net Income

[Billions of Yen]

[Billions of Yen]

[Billions of Yen]

250

25

25

200

20

20

150

15

15

100

11.2%

10

8.7%

9.8%

10

8.3%

6.7%

7.4%

6.9%

Operating margin

50

5

5

5.0%

Net income margin

0

0

0

FY2020 FY2021 FY2022 FY2023

FY2020 FY2021 FY2022 FY2023

FY2020 FY2021 FY2022 FY2023

2Q

2Q

2Q

2Q

2Q

2Q

2Q

2Q

2Q

2Q

2Q

2Q

  • Record-highnet sales for second consecutive year due to increased domestic sales and foreign currency impact
  • Year-on-yeardecrease in operating income due to increases in raw material prices and costs but still above fiscal 2020 and fiscal 2021 results

©Rinnai Corporation

4

Fiscal 2023 (2Q): Net Sales by Product

Fiscal 2022 2Q

Fiscal 2023 2Q

YOY

Change

Amount

% of total

Amount

% of total

Amount

(%)

Water heaters

103.20

57.4%

112.58

57.9%

+9.37

+9.1%

Kitchen

43.00

23.9%

44.25

22.8%

+1.24

+2.9%

appliances

Air

10.34

5.8%

10.22

5.3%

- 0.11

- 1.2%

conditioning

appliances

Commercial-

4.35

2.4%

5.16

2.7%

+0.80

+18.6%

use equipment

Others

18.81

10.5%

22.12

11.4%

+3.31

+17.6%

Total

179.72

100.0%

194.34

100.0%

+14.62

+8.1%

©Rinnai Corporation

5

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Disclaimer

Rinnai Corporation published this content on 04 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2022 08:18:04 UTC.